Chevron CEO Mike Wirth stated that the closure of the Strait of Hormuz due to the ongoing Iran war is likely to trigger global oil shortages. During a discussion at the Milken Institute's Global Conference, Wirth pointed out that Asian economies, heavily reliant on oil from the Persian Gulf, will experience the first signs of scarcity. He noted that while the U.S., as a net exporter of crude oil, may feel less impact initially, the repercussions will eventually reach American shores. The last scheduled oil shipment from the Gulf is currently being offloaded at the Port of Long Beach, which supplies Southern California. Wirth highlighted that the current situation could be as severe as the energy crises of the 1970s, referencing the disruptions caused by the Yom Kippur War and the Iranian revolution. Oil prices have already surged, with benchmarks like West Texas Intermediate and Brent exceeding $100 per barrel, leading to a national average gas price of $4.48 per gallon, a 41% increase from last year. Jet fuel prices have also skyrocketed, impacting airlines like Spirit Airlines, which faced bankruptcy due to rising operational costs.